Access Bank UK Limited has secured approval to open a new branch in Malta, according to Ogbonna Roosevelt, Managing Director and CEO of Access Holdings Plc. The announcement was made on Tuesday, 10 December 2024.
The bank, a subsidiary of Nigeria’s Access Holdings Plc, received its banking licence from both the European Central Bank (ECB) and the Malta Financial Services Authority (MFSA). With this approval, Access Bank Malta Limited is now officially established.
This marks Access Bank’s second branch in Europe, following the earlier establishment of Access Bank UK Limited. The Malta expansion is part of a broader strategy to position the bank as a key player in Europe, leveraging Malta’s role as a gateway to Africa for strengthening trade relations between the two continents.
“This approval reinforces Access Group’s commitment to driving global trade, financial integration, and supporting businesses across Europe and Africa,” Mr. Roosevelt stated. The Malta branch will cater to the banking needs of clients in Malta, Europe, and Africa’s expanding markets.
Additionally, the branch offers Access Bank an opportunity to provide corporate banking services to Maltese companies expanding into East and West African countries such as Kenya, Rwanda, Ghana, and Nigeria, where the bank already has a strong presence.
The move follows Access Holdings’ recent acquisition of Standard Chartered subsidiaries in Sierra Leone and Angola in November, further solidifying its influence in Africa and positioning itself as the preferred bank for trade and banking relations between Europe and Africa.
Access Holdings employs over 28,000 people across its operations in Nigeria, Africa, the UK (with branches in Dubai, Paris, and Hong Kong), and representative offices in China, Lebanon, and India. The Malta branch plans to employ 30 staff members initially, with controlled growth planned over time.
With a firm foothold in East and West Africa, Access Bank is expected to target North Africa next to strengthen its position as the leading trade bank between Europe and Africa. The move also offers the bank an opportunity to diversify its earnings away from Africa’s volatile markets, ensuring greater stability in its global operations.
This is really insightful. Kudos
I hope these small steps facilitate economic development in Nigeria.